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On LIC IPO, Rahul Gandhi targeted the Modi government, said – it is being sold for a penny price

On LIC IPO, Rahul Gandhi targeted the Modi government, said – it is being sold for a penny price


India

oi-Rahul Kumar

,

Published: Thursday, May 5, 2022, 20:43 [IST]

New Delhi, May 05:
Former Congress President Rahul Gandhi has launched a scathing attack on the Modi government for selling shares of the public sector Life Insurance Corporation of India (LIC). He said that the country’s most valuable company has been sold at a penny price. Not only this, Rahul Gandhi has accused the central government of underestimating the value of LIC. Let us inform that the membership process of LIC’s IPO was opened for retail and institutional investors on Wednesday i.e. 4th May and it will be closed on 9th May.

LIC IPO Rahul Gandhi asks why Modi govt undervalued one of India's most valuable assets

Rahul Gandhi tweeted on Thursday and wrote that, 13.94 lakh employees, 30 crore policyholders, 39 lakh crore assets, world’s number one company in terms of returns to shareholders. Despite this, the Modi government fixed the price of LIC low. Why is one of India’s most expensive properties being sold for a penny, asked Rahul Gandhi? Jan Dhan loot scheme.”

The Congress had also questioned the price of shares last Tuesday, accusing them of being undervalued and selling them at the cost of the trust of 30 crore policyholders.

LIC has fixed the price range for the issue at Rs 902-949. Some shares are also reserved for LIC employees and policyholders. Retail investors and eligible employees will get a discount of Rs 45 per share while policyholders will get a discount of Rs 60 per share. Life Insurance Corporation of India’s IPO got 100% subscription on the second day of bidding on Thursday.

As per the data available on BSE, the policyholders’ share got subscribed a little more than three times, while the employees’ share got subscribed 2.14 times. Earlier, he had targeted the Modi government regarding the pension of ex-servicemen. He had tweeted and said, after the deception of ‘One Rank, One Pension’, now the Modi government is adopting the policy of ‘All Rank, No Pension’. Insulting soldiers is an insult to the country. The government should give the pension of ex-servicemen at the earliest.

Story first published: Thursday, May 5, 2022, 20:43 [IST]



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